CashFac, a supplier of virtual account technology, is now available in its latest real time series 3 form to banks and corporates across Asia Pacific. CashFac has entered into a strategic partnership with an Australian IT firm, Simbient Pty, which will be the licensed re-seller of CashFac technology within the region.
CashFac is keen to extend its market share and its client base to include major banks within the Asia Pacific region. CashFac said that its banking partners have used its solutions to acquire billions of dollars of new deposits through the acquisition of new clients. CashFac claimed that its platform is relevant to all corporate, non-bank FI and FI clients across all regions and achieved 100% client retention over the last 5 years.
Steve Tait, MD of Simbient Pty, said: “The CashFac product set has a tremendous range of applications. With its diverse functionality it is suited to multiple market sectors including property management, super fund payments, insurance, legal to name a few. It will provide benefits to both the banks and their customers. This offering will complement Simbient’s existing .net development and application management services into the financial and corporate markets.
Ray Wilson, director of sales and marketing at CashFac UK, said: “Global market conditions have caused corporate institutions to focus on both their cash and liquidity. banks have responded to this by providing solutions that remove huge costs and create great efficiencies for their customers. This new partnership will allow us to continue our international expansion and assist banks in the region to acquire high quality “sticky” deposits.”
Paul Ormrod, CEO of CashFac UK said: “This is an important commitment for us to this hugely influential and important marketplace. We are providing our latest real time virtual account technology to Simbient along with experienced technical and marketing support. Our recent success in helping big corporations such as Fidelity International, BNP Paribas and Barclays Bank with cash management should allow us to tap in to the latent potential in the Asia Pacific market for CashFac solutions.”
